Re:The 'Undertaker of Silicon Valley' Stays Busy as Startups...
by vidarh on Tuesday April 21, 2020 @04:14AM
(#22933020)
The directors have legal responsibilities that puts them at risk if the business is not wound up properly.
It is possible to just let it go bankrupt and leave to the appointed administrators to deal with it, but then you have someone with interests not aligned with yours going through all your papers looking for ways to extract value. That's a pretty good incentive for directors to try to ensure an orderly wind-down on their terms.
It is possible to just let it go bankrupt and leave to the appointed administrators to deal with it, but then you have someone with interests not aligned with yours going through all your papers looking for ways to extract value. That's a pretty good incentive for directors to try to ensure an orderly wind-down on their terms.